Affirm Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 8, 2024
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16. Restructuring
- Restructuring and other
On February 8, 2023, we committed to a restructuring plan (the “February 2023 Plan”) designed to manage our operating expenses in response to current macroeconomic conditions and ongoing business prioritization efforts. As part of the Plan, we reduced our workforce by approximately 500 employees, representing approximately 19% of our employees and incurred lease exit costs related to vacating a portion of our San Francisco office.
Restructuring and other consisted of $0.1 million and $1.7 million of employee severance pay and related costs primarily related to our other exit and disposal activities for the three and six months ended December 31, 2023, respectively.
Our restructuring accrual activity for the six months ended December 31, 2023 is summarized as follows (in thousands):
| February 2023 Restructuring Plan | Other Exit and Disposal Activities (1) | |
|---|---|---|
| Accrued restructuring costs, June 30, 2023 | $308 | $2,116 |
| Additions | 210 | 1,679 |
| Cash paid | (378) | (3,738) |
| Adjustments | (89) | — |
| Accrued restructuring costs, December 31, 2023 | $51 | $57 |
(1)Includes employee severance pay and related costs, contract cancellation charges, among other items, related to other exit and disposal activities
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